Honest answer - I wouldn’t. My plastic counterweights are already quite chewed up from high speed collisions with my yoyos. I can’t imagine that clay would be able to stand the test of time.
Doesn’t matter what you call them, you are selling them for the purpose of being used as counterweight, which is illegal unless you license the patent from Duncan.
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That would be hard to do. Clay is much easier to use when it’s wet, it’s pretty absorbent. You wouldn’t be able to consistently weigh them because one might have more water that the others. That’s why it shrinks. When clay is fired, it gets cooked at over a thousand degrees, which just evaporates all the water out of the clay, thus making it shrink.
Consistency would be hard to have when making clay counterweights.
I’m not saying it can’t be done, but every counterweight would basically be one of a kind.
If sculpy clay was used, you would be able to match the weights I believe. You can even insert something metal or wooden inside of it as a base to give it more support. Sculpy is also pretty durable, and softer than fired clay.
Experiment, try things out, have fun with it until you get a final product.
I think I will still experiment with making these. But in general I think it won’t work out. If I find they work really well, aren’t to heavy, don’t break, and are pretty durable I’ll contact Duncan and see if I could sell a few. I doubt I have enough talent to do this. But you never know 
Thans for all the responses!
To help out with consistency, try to make a rig or a mold?
It’s funny how the inventor of Counter Weight play can’t even produce counterweights. Kind of frustrating. They have a whole line of yoyos that might not have been possible without you yet they won’t let you make counterweights. facepalm
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